La banque d'un monde qui change 2004 - BNP Paribas

RECENT DEVELOPMENTS11 February 2005 - BNP Paribas completes acquisitionof 50% of TEBBNP Paribas reinforces its position on the Turkish Bankingmarket and acquires 50% of the holding company whichcontrols the bank Türk Ekonomi Bankası AS (“TEB”).BNP Paribas and the Çolakoglu Group announced on11 February 2005 that they have closed the transactionin which BNP Paribas acquired a 50% stake in TEB MaliYatırımlar AS (“TEB Mali”), the Çolakoglu Group’s holdingcompany for financial services which has an 84.25%controlling stake in TEB. The Çolakoglu Group will remaina 50% shareholder in TEB Mali. This transaction has beenapproved by regulatory authorities.Taking advantage of BNP Paribas’ product expertise andcross-selling know-how, TEB will capitalise on its recognisedpresence and deep knowledge of the market to furtherdevelop activities which will include, amongst others,retail, corporate and investment banking, as well as assetmanagement and private banking, leading to significantgrowth prospects and synergies.Under the terms of the agreement, BNP Paribas will payaround USD 217 million for its stake in TEB Mali. This amountis subject within the coming weeks to completion adjustmentsreflecting the evolution of the net assets of TEB Mali between30 June 2004 and completion. In addition, an earn-outmechanism linked to the performance of TEB, payable in early2008, has been agreed between the parties. The transactionwill be immediately accretive for BNP Paribas.TEB enjoys one of the highest ratings by the internationalagencies amongst the Turkish banks. It is the 10th-largestprivate Turkish bank in terms of assets and a leading bankin trade finance and private banking. TEB’s networkcomprises 90 branches and employs about 2,500 people.At 30 June 2004, TEB had revenues of USD 101 million,net income (including minorities) of USD 15.5 million, totalassets of USD 3.3 billion, loans of USD 1.4 billion, depositsof USD 2.4 billion and shareholders’ funds of USD 236 million.The RoE at 30 June 2004 was 13.16%.170BNP PARIBAS - ANNUAL REPORT 2004